Where to look, market by market
| Market | What is filed | Where it appears | Typical deadline |
|---|---|---|---|
| ASX (Australia) | Change of Director's Interest Notice (Appendix 3Y) | The company's announcements on the ASX website | Generally within five business days of the change |
| LSE (UK) | Transactions by persons discharging managerial responsibilities (PDMRs) | Regulatory News Service announcements, and the FCA's National Storage Mechanism | Generally within three business days, under UK MAR |
| TSX (Canada) | Insider reports | SEDI, the System for Electronic Disclosure by Insiders | Generally within five days of the trade |
| Xetra (Germany) | Directors' Dealings notifications | The issuer's disclosure, and BaFin's directors' dealings register | Generally within three business days, under EU MAR |
| US (for comparison) | Form 4 | SEC EDGAR | Generally within two business days |
Deadlines are the usual windows, not guarantees. Check the current rule with the regulator or exchange before relying on a date.
What to check in each filing
- Role. Chief executives and finance directors buying are usually more informative than routine share awards.
- Size relative to holdings. A large purchase against an insider's existing stake says more than a token one.
- Type of transaction. Purchases on the open market are different from awards, option exercises or transfers.
- Clusters. Several insiders trading in the same direction in a short window is more notable than one trade.
What Atradian covers
Atradian's smart money tracker shows corporate insiders buying on the open market from SEC Form 4 filings, which covers US companies. For the other markets above, use the sources listed in this table. Atradian covers all five markets for scoring, news and regime context through its ASX research and research outside the US pages, so you can check a filing against the rest of the picture.
Cautions
- Insider buying is a prompt to research. It is not a recommendation, and insiders can be wrong.
- Sales are often less informative. They can reflect tax, diversification or a plan set up in advance.
- Filings can be amended or corrected. Check the original filing and any update before acting.